Insurer of the Year

Description

This award is for insurers and reinsurers which are trailblazers in embedding social and environmental impacts into their insurance decisions.

Judges do not expect perfection in all aspects of an insurer’s activities: they know that embedding sustainability into all insurance decisions is a challenging process! But they will be looking for examples of outstanding performance as an ESG leader, and of clear integration of ESG goals with the insurer’s core business.

They will expect to see measurable outcomes and impacts, as well as clear commitments to future progress. Specifically, they will be looking for real leadership in the selection and engagement of portfolio companies, in the development of appropriate insurance products and services to promote social and environmental outcomes, and in monitoring and reporting, as reflected in the criteria below.

Criteria

Judges will be looking for evidence of progress on the following points (weighting percentages in brackets):

Risk assessment and prevention (50%): How the insurer’s products are designed to incentivise the prevention / mitigation of social and environmental risks.

Client selection and engagement (30%): How the insurer decides which corporate clients to insure, and how it engages with them, taking into account environmental and social matters such as the carbon intensity of the insured’s activities, their labour standards, their relationship with local communities, and the quality of their governance. When it comes to insurance for individuals, judges will also consider how the insurer decides which individuals to insure and whether the approach enables increased access to insurance for vulnerable customers or the previously uninsured.

Integration (20%): How the insurer has demonstrably integrated all its work on promoting high ESG / impact standards with its overall approach to insurance. To what extent is it demonstrating a commitment to improved social and environmental outcomes through all aspects of its insurance operations?

Any confidential data will be treated as such and only shared with the judging panel, all of whom will have signed NDAs.